- Legacy shareholders - the founder, management team, and certain others - have the opportunity to each year exchange a portion of their interests in Manning & Napier Group, LLC. As a result the company repurchased 3.161M Class A units for $11.49 each (a 5% discount to the average close the previous 15 days).
- The company also announces the completion of previously disclosed repurchase of Class A units of the LLC, and it intention to issue 1.411M shares of restricted stock as part of a long-term incentive plan.
- The result is a reduction in share count to 83.9M from 88.1M, with the management team owning about 12% of NYSE:MN.
- Source: Press Release